Niteroi Water Company

active

In 1997, Aguas de Niteroi was awarded a 30 year concession for the provision of water and sewerage services to the city of Niteroi. The company took over the water and sewerage services in May 1999, after a favorable resolution of a legal dispute where the State government of Rio de Janeiro did not recognize the right of the municipal government of Niteroi to offer the public water and sewage services as full concession to a private company. At the time it started operating, Aguas de Niteroi provided service to the city of Niteroi with a population of 450,000. Aguas de Niteroi was a special purpose vehicle (SPE –Sociedade de Proposito Especifico) formed by Developer SA, Queiroz Galvao, Carioca Engenharia, Construtora Cowan SA and Trana Construcoes Ltda (part of EIT –Empresa Industrial Tecnica- group). Aguas de Niteroi was expected to invest US$ 101.3 million during the life of the concession. In February 2000, the company secured a US$26.8 million (53 million reals) loan from the state-owned development bank, BNDES. As of December 2002, Aguas de Niteroi had invested 116 million reals. Aguas de Niteroi is a member of grupo Aguas do Brasil, which operates three other concessions through Aguas de Juturnaiba, Aguas do Imperador and Aguas do Paraiba. The annual investments undertaken by Aguas de Niteroi, year by year were: 2000 – US$ 22.8 million (R$ 44.5 million) 2001 – US$ 26 million (R$ 58 million) 2002 – US$ 4.1 million (R$ 12 million) None